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Cybersecurity and the Boardroom


Companies have become increasingly concerned with cybersecurity—and for good reason. According to Symantec’s 2016 Internet Security Threat Report, more than 430 million new unique pieces of malware were discovered in 2015, an increase of 36% from 2014. The total number of cyber breaches has increased 25% since 2013.Such breaches have targeted companies small and large alike.
 
Yet, despite these alarming statistics, studies show that a majority of companies have yet to fully perform an adequate risk assessment, or scale their cyber program to meet the current threat environment. Moreover, the majority of boards of directors are not involved in setting or governing a company’s cyber security program.
 
The Disconnect Between Cyber Boardroom Discussion and Program Engagement
 
Consider the results of a survey conducted jointly by NYSE Governance Services and security vendor Veracode.The study revealed that more than 80% of board members report cybersecurity as a topic of discussion at most or all board meetings. This indicates that cybersecurity is a serious topic of concern, and the connection between cybersecurity and the company’s bottom line is evident. However, according to the same study, 66% of board directors are less than confi dent in their companies’ ability to defend against cyber attacks. Furthermore, despite this lack of confi dence, security ranked second to last in priority when developing new products and services. According to a 2015 AT&T survey, What Every CEO Needs to Know About Cybersecurity, 75% of company boards are not engaged in cyber.
 
Clearly, a chasm exists between a company’s concerns for, and need for better cyber security. This directly hinders a strategic plan of action for mitigating cybersecurity risk. 
 
CohnReznick Insights on Cybersecurity and the Boardroom
 
 
This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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